Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.19.2
Property, Plant and Equipment
 9 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment at June 30, 2019 and September 30, 2018 consisted of the following (in thousands):
June 30, 2019 September 30, 2018
(unaudited) 
Construction equipment $ 217,662  $ 190,420 
Asphalt plants 82,855  79,563 
Land and improvements 34,888  29,624 
Quarry reserves 20,749  20,908 
Buildings 14,248  12,416 
Furniture and fixtures 4,588  4,422 
Leasehold improvements 1,347  765 
Total property, plant and equipment, gross 376,337  338,118 
Accumulated depreciation, depletion and amortization (175,660) (160,795)
Construction in progress 1,035  1,369 
Total property, plant and equipment, net $ 201,712  $ 178,692 

On February 28, 2019, the Company acquired a liquid asphalt terminal located in Panama City, Florida. The purchase price of $10.8 million was paid in cash on the date of acquisition. The Company uses the terminal to receive, store and process liquid asphalt primarily for use in its construction projects. The transaction was accounted for as an asset acquisition in accordance with ASC 805. Accordingly, the purchase price and direct costs of $0.1 million incurred to complete the transaction were allocated to asset categories based on their relative fair value at the date of acquisition.
Depreciation, depletion and amortization expense related to property, plant and equipment was $7.8 million and $6.5 million for the three months ended June 30, 2019 and June 30, 2018, respectively, and $22.1 million and $17.6 million for the nine months ended June 30, 2019 and June 30, 2018, respectively.